The Times bought the Boston Globe in 1993 for $1.1bn. It acquired the Telegram in 1999 for another $300m, and its interest in Metro Boston after that. In 20 years, in a story of upheaval, shortsightedness â€“ even by 1993, you could have guessed buying a newspaper for top dollar might not be the greatest bet â€“ and helplessness, the newspaper industry has gone from its peak to its bottom.

On Friday, the Times announced it was selling the lot for $70m. And that does not include the combined pension liabilities.